GASB 34/35 with Accrue on Receipt
SummaryWe accrued all itmes upon receipts and need to use the GASB 34/35 functionality
We are at a public sector client. They expense all their asset purchases. They also accrue on receipt. When the asset purchase invoice is matched to the PO in Payables the journal entry created is:
Accrued Expense DR
Accounts Payable CR
We cannot use the Update Track as Asset process because it would update all distributions. We have manually selected the distribution to be tracked as an asset, but it is not included in Mass Additions. If the original charge account on the requisition is an asset clearing account, then mass additions does include the distribution.